MELBOURNE, Australia, July 9 /PRNewswire-FirstCall/ -- Phosphagenics Limited today announced that its Level 1 American Depository Receipts (ADR) will begin trading at market open today on the International OTCQX, a new premium market tier in the U.S. for international exchange-listed companies, operated by Pink Sheets, LLC.
Launched in March 2007, the International OTCQX provides a gateway to the U.S. securities markets for international companies that are listed on a qualified international exchange and provide ongoing disclosure to U.S. investors. International OTCQX is designed to distinguish reputable international issuers from the thousands of over-the-counter (OTC) securities traded in the U.S. through a strict focus on companies with solid operating businesses that provide credible disclosure to investors.
“Upgrading to the OTCQX market enhances our U.S. investor visibility and improves our access to the most liquid market in the world,” said Harry Rosen, President and CEO of Phosphagenics. “Offering our securities on the OTCQX market significantly enhances our U.S. focus, and complements our recently established U.S. corporate presence and investor relations program, as well as our U.S. business development activities.”
Jane Street Markets acts as a market maker for Phosphagenics’ ADRs, which are deposited with The Bank of New York Mellon, the Company’s Principal American Liaison (PAL).
About OTCQX
OTCQX is a new market tier organized by Pink Sheets, LLC, which sets apart a select group of issuers as worthy of consideration by US investors. Qualified issuers use the efficient and robust OTCQX listing process to provide credibility and visibility of disclosure to investors. OTCQX is designed to meet the needs of small to medium sized, publicly-traded U.S. companies and non-U.S. companies listed on qualified international stock exchanges.
For more information, please visit http://www.otcqx.com
About Phosphagenics Limited
Phosphagenics is a Melbourne-based, globally driven biotechnology company focused on the discovery of new and cost effective ways to enhance the bioavailability, activity, safety and delivery of proven pharmaceutical and nutraceutical products. The Company’s core technology is built around the science and application of phosphorylation, a process where the addition of a phosphate group has been found to enhance the bioavailability, activity and safety of existing pharmaceuticals and nutraceuticals, as well as to assist in the production of drug delivery platforms. Phosphagenics’ shares are listed on the Australian Stock Exchange (POH) and the London Stock Exchange’s Alternative Investment Market (PSG). In March 2006, an ADR - Level 1 program was established in the US with The Bank of New York Mellon (PPGNY) for US investors to trade in Phosphagenics’ stock on the ‘over-the-counter’ market. This has now been upgraded to the International OTCQX, a new premium market tier in the US for international exchange-listed companies, operated by Pink Sheets, LLC.
For more information, please visit Phosphagenics’ web site at http://www.phosphagenics.com
Phosphagenics Limited
CONTACT: Dr. Esra Ogru, Executive Vice President Research & Development,+61-3-9605-5900, or Harry Rosen, President and CEO, +61-3-9605-5900, bothof Phosphagenics Limited; or U.S. Investor and Media, Brian Ritchie or EvanSmith, both of FD, +1-212-850-5600, for Phosphagenics Limited
